Fertilizer additives market worth US$2.91 billion by 2021
Published by Robyn Wainwright,
The fertilizer additives market is projected to grow at a CAGR of 2.6%.
Worldwide, urea is one of the most widely used dry granular sources of nitrogen. It is preferred by the fertilizer manufacturing industry since it is relatively easy to manufacture. Urea usually has the lowest cost per pound of nitrogen compared to other single-element nitrogen fertilizers. However, urea undergoes unique chemical transformations when stored or transported, and severe losses in quality may result if proper additives are not used while manufacturing the fertilizer. Hence, fertilizer additives are used on a large scale for the manufacturing of urea.
China and Brazil constituted the largest country-level markets in the Asia-Pacific and Latin American regions, respectively, in 2015. Government initiatives, such as subsidies and incentive schemes, increase in awareness regarding the benefits of fertilizers, and increase in farm expenditure have led to the use of additives on a large scale in the manufacturing of fertilizers. Asia-Pacific dominated the market and accounted for the largest market share globally in 2015.
The report includes a study of marketing and development strategies, along with the product portfolios of leading companies.
Read the article online at: https://www.worldfertilizer.com/special-reports/14092018/fertilizer-additives-market-worth-us291-billion-by-2021/
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